National Grid sells Rhode Island operations
National Grid's solar installation in Revere.
National Grid is moving out of the Rhode Island market with Wednesday's completion of the sale of Narragansett Electric Company (NECO).
The sale will leave the utility with customers in New York and Massachusetts only, although National Grid LNG will continue to operate an LNG/liquefaction facility at Fields Point, R.I. That facility was not part of the sale.
The sale to PPL Rhode Island Holdings was executed through a transfer of the common stock of NECO, which will continue to own and operate its assets and maintain its franchise rights for the provision of electric and gas distribution service in Rhode Island, under the management and control of PPL Rhode Island.
National Grid had more than 500,000 electric customers in Rhode Island, and 272 gas customers. It has about 20 million New York and Massachusetts customers.
"National Grid has taken enormous pride in being part of the Rhode Island community," National Grid CEO John Pettigrew said in a statement. "In partnership with our customers, we have achieved so much – from nation-leading energy efficiency programs to the first offshore wind farm in the country."
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